iGenetic Diagnostics gets Rs 130 Cr from CDC Group Plc, Manipal Group
MUMBAI: iGenetic Diagnostics, a research and diagnostics company focusing on oncology, IVF and infectious diseases, has raised Rs 130 crore fund from CDC Group Plc, a Finance Institution owned by the UK government and Manipal Education and Medical Group (MEMG).
iGenetic was incorporated in 2013 and commercially launched its operations in 2014. The company has compressive diagnostics offerings in the field of Oncology, infection & critical and gynecology & IVF streams.
Speaking with the ET, Arunima Patel, Founder and CEO of iGenetics Diagnostics said, “With the back-up of strong clinical partners and a research-driven approach, we believe we will be able to create a robust pipeline of new modalities."
Talking about their future plans with the said funding, Siddharth Patodia, Co-founder at iGenetic Diagnostics said, “One core part of our strategy going forward is acquiring companies. Going forward, we are looking at acquisition targets with revenues of Rs 50-100 crore. The company is looking to close 3-4 deals in the next 6 months. "
Dr Ranjan Pai, CEO of Manipal Education and Medical Group said , “Highest standards of quality, participation in cutting edge research and fair pricing will govern the manner in which this business will be managed."
“We are not in any urgency to exhaust the fund. We want to make our investment bets carefully so that returns can be substantial when we exit. We will look at 4-5 mid-late growth investments through the course of the entire (Rs 500 crore) fund,” T Ramoji, Senior Vice President at Manipal Education and Medical Group told ET.
The Company officials report that iGenetics have plans to make acquisitions in Maharashtra, Karnataka, Andhra Pradesh, Telengana and Tamil Nadu and achieve the two-pronged strategy of geographical and inorganic growth.
Recently, Manipal Education and Medical Group (MEMG) announced partnership with CDC Group Plc, the UK’s Development Finance Institution to invest an initial Rs 500 crore in healthcare services.
Read also: Manipal Group, CDC Group join hands for healthcare services